Cardano’s Positive Momentum

Cardano’s native token has surged, along with other cryptocurrencies, as investors show growing optimism. ADA has seen a monthly gain of over 55%, reaching a price level similar to April, briefly hitting $0.40 this week.

This positive momentum could help ADA surpass a significant resistance level in the near future. New data also shows that the current consolidation phase is similar to a period from the recent past.

Cardano (ADA) Poised For Growth?

A prominent crypto analyst, Ali Martinez, tweeted that Cardano’s current consolidation pattern closely mirrors a period from 2018 to 2020, excluding the COVID-19 crash. This suggests ADA might surpass the $0.45 resistance in the first week of December. The analyst predicts ADA could reach $0.75 by the end of December.

According to IntoTheBlock, around 38% of ADA holders were profitable on November 11, decreasing to around 34% two days later. This indicates the recent surge in ADA’s value may have contributed to an increase in profit percentage.

Investors have benefited from the uptrend, but Martinez believes ADA is poised for further appreciation. He predicts ADA could reach around $10 by next summer.

Whale entities have been extremely active, reaching a 6-month high on the Cardano network, according to a recent analysis by Santiment.

On-Chain Metrics

Cardano’s on-chain metrics also show promise. ITB’s data revealed that the total number of addresses with a balance on Cardano is near its all-time high of 4.46 million. There has also been a minor increase in the number of active addresses. The number of transactions on the network has remained above 50k throughout the past month, with a transaction volume above $7 billion for the most part.

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The protocol’s TVL has reached $259.1 million, a level not seen since April 2022, representing almost a 400% increase in terms of YTD.

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By Team